“I Won’t Ask BoG to Print More Money” – President Mahama Jabs Past Administration
President John Dramani Mahama has taken a veiled swipe at former President Akufo-Addo, declaring that his administration will not encourage the Bank of Ghana (BoG) to print more money.
Speaking at the swearing-in ceremony of the newly appointed Governor of the Bank of Ghana, Dr. Johnson Asiamah, and First Deputy Governor, Dr. Zakari Mumuni, on Tuesday, February 25, Mahama reaffirmed his commitment to allowing the central bank to operate independently and free from political influence.
Mahama Criticizes Past BoG Policies
During his speech, Mahama criticized the leadership of Dr. Ernest Addison under the previous administration, particularly regarding the controversial banking sector cleanup. He lamented that the Bank of Ghana prioritized financial restructuring over protecting jobs and livelihoods.
“During the supposed banking sector cleanup exercise, jobs were lost and lives were disrupted because decisions were made with a narrow focus rather than considering the human impact of those decisions. The Bank of Ghana had the opportunity to salvage some of these institutions to protect people’s livelihoods while ensuring stability. But instead, an approach that ignored human consequences was taken,” Mahama stated.
A Call for Fiscal Discipline
The President emphasized the need for responsible economic policies, warning against reckless fiscal management that could erode public confidence.
“The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy. When a government resorts to unsustainable consumption expenditure, financed by excessive and unregulated printing of money, the consequences can be severe.”
Mahama assured Ghanaians that under his leadership, the Bank of Ghana will operate independently and remain focused on economic stability.
“As President, I am committed to ensuring that the Bank of Ghana operates free from political interference, guided solely by its mandate. This is the path to building a resilient economy—one where policies are driven by discipline, foresight, and the best interests of the Ghanaian people. One thing is for sure: I will not come and ask you to print more money.”
Ensuring Economic Stability
President Mahama urged the newly appointed central bank governors to collaborate with the Ministry of Finance, Parliament, and financial institutions to restore confidence in the economy. He stressed that disciplined monetary policies and effective governance are essential for long-term growth and financial stability.
SOURCE : DEW360.NET
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